Tesla Motors Inc (TSLA) Stock Chart Looks Like 1990s-Era Amazon

Tesla Motors Inc (TSLA) Stock Chart Looks Like 1990s-Era Amazon
Image via: CNBC

Tesla Motors Inc (NASDAQ:TSLA) hit a new record high today, and it’s been compared to Apple numerous times. Today on CNBC though, Oppenheimer Chief Market Technician Carter Braxton Worth showcased an interesting similarity between the automaker now and Amazon.com, Inc. (NASDAQ:AMZN) in the late 1990s.

tesla motors amazon stock chart
Image via: CNBC

Tesla may be just getting started

So far this year, shares of Tesla Motors Inc (TSLA) have climbed 320 percent, but that could be just the beginning, according to Worth. The charts of Tesla and Amazon.com, Inc. (NASDAQ:AMZN) look surprisingly similar. He notes that in the late 1990s, Amazon shares were hovering around $20, but then they shot up four and a half times to $100 within a period of about four months.

There a similar phenomenon happening with Tesla right now. The stock has shot up from $30 to $130 in the space of four months—another four and a half fold gain in that same amount of time.

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Amazon vs. Wal-Mart and Tesla vs. Ford

And the similarities don’t stop there. He also looked at Amazon.com, Inc. (NASDAQ:AMZN) and compared it to Wal-Mart Stores, Inc. (NYSE:WMT) in 1999. After the four-month surge in Amazon shares, the company’s market capitalization hit $30 billion. At that time, that was one-fifth the market cap of Wal-Mart Stores, Inc. (NYSE:WMT), which is the biggest retailer in the U.S.

Today Tesla motors Inc (NASDAQ:TSLA) has a $16 billion market cap, which is almost one-fifth of Ford Motor Company (NYSE:F)’s $68 billion market cap.

Is Tesla a $400 stock?

Worth notes that 40 percent of Tesla’s float is short, which could have another major impact on the company’s price at some point if it keeps going up. He said shares of Amazon have risen three-fold between January 1999 and today, and if Tesla Motors Inc (NASDAQ:TSLA) were to do the same thing over the next 14 years, the stock could end up being worth $400.

Shares of Tesla climbed almost another 5 percent today, continuing to defy odds. The EV automaker releases its next earnings report on Wednesday, so this is one stock that’s sure to be active for much of the week—one way or another.

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